Fort Worth weekly gazette. [volume] (Fort Worth, Tex.) 1882-1891, 1887-09-09
OUR GgEATEsT MONOPOLY.
How. the Pennsylvania OH Operators arc
Being Hankrupted.

SSi-j6 EstAh 4,LcGs
New YORK, Sept. "a special to the
World from Plttsburg says: In few
days the Pennsylvania oil fields will be
virtually Idle. The producers are bank
rupt snd will shu. off productions as a
last and desperate CHARGE Of relief
Regions that have produced millions of
dollars worth Of petroleum are to-day
little better of than if the golden huit
had never been discovered. Sheriff
sales are the most conspicuous signs
everywhere. The splendid residences
rhaa were built by lucky oil seekers in the
palIny days before 49, are the only indi-
cations that prosperity once abided with
the Oil products. Even these are sadly
out Of repair and the once fortunate
owner VINO found the rCCmy mansion
too small for his swollen wealth now
discovers he has white elephant on MS
hands and is content TO occupy two or
three rooms Of the dwelling, letting out
the remainder to dodgers. Men VINO
formerly had 81 income OF 81, 500 or
S200 day for the wells now get labor
er's wages. Many OF the largest pro-
duCers are running their wells at g loss.
Hundreds OF drillers, tool dressers,
bumpers and rig carpenters are out OF
work because almost no new wells are
going down, and those row in operation
are worked in al economical manner.
Wages have not been so low since OF.
was discovered. II this depression con
tinues for six months those Still
engaged in the oil business viii
quit it, as many hundreds have alrea6y
done. Speculation, too, is paralyZsd.
[ The speculators have learned by sad eE-
perieace that owing 10 the excessive
stolage charges, they must clear % per
cent. on their trades TO come out e N
With the operator and driller they are
engaging IN other pursuits. The
magnificent Western Pennsylvania eX-
/ changes erected in the ha!ycon days Q;
dollar oil are now little attended, and in
the vast emptiness an occasional bid
der is startled st the sound Of his own
voice, TAe consumer for year has been
paving to the Standard OIL Company for
refined oil oGe-tAiEd more than /, would
cost ii the product and manufacture
/ OF oil followed the natural laws. The
| consumer hiss enriched the treat oil
monopoly more than the producer, but
because the hand OF eXtOrti9n is laid
lightly upon him individually, he does
Lot feel it. 4 few cents g week ION
esch Consumer makes millions oil
dollars fo2 the Standard. With
10 expense Whatever, the Standard
IN 1876 put W tie price
% refined oil from - 10 % cents per gal
/ lon, sni n 1850 it raised the price from
TO l. cents. Ii both cases the pU-chas-
ing price Of crude Oil remained the same
/ Ire Standard buys at lis OWE price anC
sells a. It's owu price. O.har commodi-
ties ere COrnered occasionally, bat Gil i
in cAroCic stete of corner. Should tn,
Stan lard so desire there is co.hiug L
prevent It's putting tie p..ce q OIL up 4
80 cents per gallon TO SIX months, a
it would be tbs. tine befo-
competition could develop 20 cut down
the price. 1t rules TIE home and foro.g-
trade alike, The ncs5isn companies
about which so much mas lately 6ee
written, will not De serious competitor
| of the American monopoly for sewers
!; years; then suppCsing that the quality c
oil is equal to the Pennsylvania product
as the cost OF production and trsnspoI
tation 1T Russia oy the present method
is toe great to make the oil business
that country profitable.